Page 67 - UP PR REPORT - February 2025

The company has sold plots, generating AED1.3 billion to put towards debt
settlement agreements and fulfilling preliminary costs for new real estate projects.

As part of its five-year strategy, the developer will retain land of 10 million sq ft of
gross floor area from its current portfolio for development. It plans to launch two new
projects soon in the mixed-use, residential and commercial segment.

“With the successful reduction of our legacy debt and acquisition of new funding to
advance our strategic expansion, we are paving the way in a new era of growth and
possibilities,” said CEO Amer Khansaheb.

Last April the company announced plans to repay AED966 million to lenders in 2024
as part of its debt restructuring plan.

The developer reported a net profit of AED3 million in the third quarter of 2024 after
revenues rose 7 percent year on year to AED389 million. The accumulated losses
reached AED2 billion at the end of the third quarter, representing 47.8 percent of the
capital.

https://www.agbi.com/construction/2025/02/union-properties-to-continue-cutting-legacy-
debt-in-2025/